Bayan Telecommunications Inc. (Bayantel) has expressed its full confidence in the National Telecommunications Commission (NTC) to approve its joint petition with Globe before the regulatory agency for the change in ownership of Bayantel that will complete its rehabilitation.
Bayantel said it is confident in the wisdom of NTC’s decision-making process to allow the change in the majority shareholder of Bayantel for the greater benefit of the consumers.
“We stand behind every part of our rehabilitation plan in our aim to build a stronger Bayantel,” Bayantel Chief Operating Officer (COO) Rafael T. Aguado said.
Globe and Bayantel have jointly filed in 2013 with the NTC a petition asking to approve its debt-to-equity transaction which both firms entered into when the former acquired a sizable portion of the latter’s debt from its creditors.
The Bayantel COO further said the approval of the transaction will strengthen Bayantel’s position as a viable player in the rapidly evolving telecommunications industry, making the environment more competitive in the process.
“As soon as Bayantel gets out of rehabilitation it will become stronger and will have new capabilities to better serve its customers,” Aguado said.
The successful rehabilitation of Bayantel is seen by many as a milestone achievement in judicial history, helping steer the company towards a better financial position and enabling it to provide social and economic gains for the Filipino consumers.
Bayantel, together with its shareholder Globe, reiterate that they have a responsibility to serve the expanding needs of Filipino consumers through improved products and services.
